The S&P 500 Index is the most widely followed benchmark of stock market performance in the world. It is capitalization-weighted and float-adjusted index of 500 large-capitalization stocks traded on the NYSE, ASE and the NASDAQNational Market System. The Index represents the market value of all outstanding common shares of the 500 firms listed (share price x shares outstanding). A change in the price of any one stock influences the Index in proportion to the relative market value of that firm's outstanding shares. Read more about the underlying Index, including a complete list of stocks represented by the Index, on the Standard & Poor’sWebsite.

The E-MINI futures market

The E-mini (ES) futures market is based upon the S&P (Standard & Poors) 500 stock index, which is one of the stock indexes of the CME (Chicago Mercantile Exchange) in the US. The S&P 500 index is calculated using the prices of 500 large capitalization US companies. The ES futures market is traded on the Globex electronic trading system, 24 hours per day from 5:00 PM Central Time on Sunday night to 4:30 PM Central Time on Friday night. The ES futures market has a daily trading volume of approximately 1100000 contracts, and a daily price range of approximately 13 points (52 ticks).

Expiration Date Procedure An option can be exercised until 7:00 p.m. on any business day the option is traded.
QUARTERLY OPTIONS - Unexercised in-the-money options will be automatically exercised at 7:00 p.m. on the day of determination of the Final Settlement Price.
SERIAL OPTIONS - Unexercised in-the-money options will be automatically exercised at 7:00 p.m. on Serial Option expiration day.
Settlement at Expiration Option exercise results in a position in the underlying cash-settled Futures contract. Options which are in-the-money on the last day of trading are automatically exercised.

In-the-money QUARTERLY OPTIONS, in the absence of contrary instructions delivered to the Clearing House by 7:00 p.m. on the day of the expiration, are exercised automatically into expiring cash-settled futures, which settle to the SOQ calculated the morning of the 3rd Friday of the contract month.

In-the-money SERIAL OPTIONS, in the absence of contrary instructions delivered to the Clearing House by 7:00 p.m. on the day of the expiration, shall be exercised automatically on serial option expiration day.